Published on : Friday, June 9, 2017
The role of travel and tourism in motivating sustainable development and discussing on ways the sector can ‘transform our world’ was the main topic of discussion at the recent Global Summit of WTTC hosted in Bangkok. A rise by 4% a year with predictable future, and expecting 1.8 billion international travelers by 2030 and the transformative power of the sector in terms of economic impact is totally understandable from the travel and tourism forecast. However, the capability to identify and react to the internal and external challenges the sector undergoes is the main pliability to concern. Four external challenges have been identified as the most vital for the future of travel and tourism.
Demographic changes: Ian Goldin, Professor of Globalization and Development at the University of Oxford, recognized three critical megatrends that will outline the future potential of travel and tour. Firstly, the huge decline in fertility which portrays that though the world population goes stable in terms of numbers, it will be increasingly old. Secondly, dramatic alteration in workforce in terms of immigration worldwide. And lastly, the increase of new markets in a much faster rate than older, developed, markets.
Technology: Goldin highlighted the moral and ethical impact of technical developments than key challenges and opportunities. Rob Rosenstein, CEO of Agoda, asked the vital question of how the sector was arranging for the huge alterations in terms of distribution that technology will bring.
Besides, climate change and changing structures of work are the other two challenges that have been identified as significant for the future growth of travel and tourism in the coming days.
Tags: WTTC’s Global Summit